I would like to eventually leave my 9-5, pay off student loans and get rid of PMI on my first property ASAP.The townhome is my primary residence and I will answer any questions and be grateful for any guidance.

Seller for sure has risks, I also think buyer does as well.

This is the simplest method, but it also means your tenants are more likely to abuse the utilities by leaving windows open with the heat or A/C running, leaving lights on, ignoring the toilet that constantly flushes on its own, etc.3.

Although I would like to try to do it myself, crafting effective operating agreements is outside my comfort zone.

Tbh, in today's market, folks want to have a personal connection or at least know the person behind the company so having a great social media presence will work as well. 

I’d like to develop the land and have a couple different options I want to get y’all option on: 1.)

To me, that looks like a post to get business, but since you are new, I assume you don't really know the restrictions.To be successful on BP as an agent and advisor, you can't sell yourself and you have to have the background to help investors.

Most likely the real estate will have debt, therefore, the income that passes through, NET of expenses and depreciation will be subject to UBIT.

I think it depends on your goals here and this is likely more of a legal question than it is a tax question.

So, while this property is not "printing" money like mid-west markets, this seems to be a pretty good deal here.